The Kingfish Company – Solid progress in first half 2022

The Kingfish Company

2 September 2022
    • ·Driven by continued strong demand for sustainably grown Yellowtail Kingfish in Europe and the US, The Kingfish Company [Euronext: KING] more than doubled sales from €3.8 million in H1 ’21 to €8.4 million in H1 ’22
    • In the first half of 2022, the sales price of both small and large fish increased by 14% compared with the first half of 2021
    • The Kingfish Company produced a record of 742 tons net growth of high-value Yellowtail Kingfish in H1 ’22, resulting in strong productivity index performance of 0.75 (net biomass growth per cubic meter capacity per day)
    • In H1 2022 The Kingfish Company is for the first time cash positive for the Netherlands operations.

“We are pleased to report excellent operational results during the first half of 2022, and revenues more than doubled from EUR 3.8 million in the first half of 2021 to EUR 8.4 million in the first half of 2022. The sales price for both small and large fish in the first half of 2022 increased by 14% compared with the same period last year. Fresh fish demand continues to outstrip supply despite increased harvest levels and higher sales prices”, said Ohad Maiman, CEO of The Kingfish Company.

In the first half of 2022, The Kingfish Company achieved a record production of 742 tons net growth. This has resulted in sector leading productivity of 0.75 kg net growth per installed cubic meter per day for the first half of 2022, compared with 0.66 kg net growth in the first half of 2021. The Kingfish Company is pleased with over four years of continuous operations, and over 30 production cycles of fish produced from full cycle hatchery to harvest, with zero mass mortality events to date.

The Kingfish Company posted EUR -1.5m of operating cash flow in the first half of 2022, a significant improvement compared to EUR -3.0m in the first half of 2021. The net loss after tax in the first half of 2022 was EUR -2.8 million, which includes indirect costs and reflects development costs related to the scale-up phase of the business, and planned expansion of the company’s production capacity in the Netherlands and the US.

The company spent EUR 32.4 million on capital expenditure during the first half of 2022. The Kingfish Company continues the expansion of its facilities in Europe with system installation and construction entering its final stage, and in the US, all state and federal permits have been secured for the planned new facility in Maine. The Kingfish Company secured a EUR 75 million ESG linked bilateral loan with PCP in the first half of 2022.

While having been able to avoid significant cost overruns in the first 1.5 years of construction, given current supply chain issues and inflation, The Kingfish Company anticipates significant extra cost and potential delays for the remaining work to completion. Strict cost control measures are in place to limit the impact.

For more information

Please see the attached the Investor Day and H1 2022 presentation. The Kingfish Company will present the strategic update and results presentation to investors, analysts, and media on Friday September 2nd, 2022 at 13:00 CET. The presentation will be followed by a Q&A session. Both will be hosted by the company’s CEO Ohad Maiman and CTO Kees Kloet.

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n About The Kingfish Company

The Kingfish Company is a pioneer and leader in sustainable land-based aquaculture. Current annual production capacity at its Kingfish Zeeland facility in the Netherlands is 1,500 tons of high quality and high value Yellowtail Kingfish.

Expansion is underway and capacity in the Netherlands will reach 3,500 tons in the second half of 2022. In the US, permitting for the company’s 8,500 tons capacity facility is progressing as planned.n

Production is based on advanced recirculating aquaculture systems (RAS), which protect biodiversity and ensure biosecurity. Animal welfare is paramount, and the fish is grown without use of antibiotics and vaccines. Operations run on 100 percent renewable energy, sourced from wind, solar and biogas. The company’s facilities operate on sea water, avoiding wasting of precious fresh water.

The Kingfish Company’s main product at present, the Yellowtail Kingfish (also known as Ricciola/Hiramasa/Greater Amberjack) is a highly versatile premium fish species, well known in the Italian and Asian fusion cuisines.

Its products are certified and approved as sustainable and environmentally friendly by Aquaculture Stewardship Council (ASC), Best Aquaculture Practices (BAP) and British Retail Consortium (BRC). It was the winner of the 2019 Seafood Excellence Award, and it is recommended as green choice by Good Fish Foundation.